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Journalism of Courage
FIIs pull out Rs 568 cr in 2 days
Mumbai: Foreign institutional investors have once again surprised market players by pulling out Rs 568 crore in two days. Though the Nasdaq has triggered a massive sell off in technology stocks around the world, India8217;s market players had built an excellent platform for the FIIs to exit. Thanks to the euphoric buying driven by the smooth Y2K roll-over, the Sensex had gathered enough fat to attract profit-booking, especially in IT stocks.
What is interesting is that the gross purchases by FIIs are still large enough, possibly indicating that they are switching over to non-IT stocks. The net figure could still be negative because of the huge gap in the prices of IT and non-IT stock. Thus for January 5 and 6, we have gross FII purchases of Rs 519 crore and gross sales of Rs 1087 cr.
Daewoo Corp wins 84 mn India deal
SEOUL: South Korea8217;s Daewoo Corp said on Saturday it had jointly won a 84 million order with Japan8217;s Kajima Corp as part of a hydroelectricpower plant project in India. Daewoo said in a statement it and Japan8217;s Kajima have won the deal to undertake the fist-stage construction of a power plant from National Hydroelectric Power Corp. Daewoo said the plant, to be located on Dhauliganga River in Uttar Pradesh, would be built with loans from Japan Bank of International Cooperation.
